A week after breaking long weekly losing streaks, the stock market is back to its losing ways, with the DOW falling 348.58 points, or -1.05%, to 32,899.70. The S&P 500 slipped by -1.63% to 4,108.54, and the NASDAQ fell -2.47% to end the week at 12,012.73.
On a weekly level, the DOW lost -0.94; the S&P fell -1.20%, and the NASDAQ wrapped up the weekly losses with a loss of -0.98%.
But why the losses? The market digested a stronger-than-expected jobs report and its implication for monetary policy going forward. That report showed U.S. hiring remained elevated in May. In addition, nonfarm payrolls added 390,000 jobs last month, the Bureau of Labor Statistics reported Friday, but economists expected 328,000 jobs to be added. This led many traders to think that this strong report will propel the Fed to more rate hikes.
Key Levels To Watch Next Week:
- S&P 500 (CME:SP500): 4,158.28
- Dow (INDEX:DJI): 33,213.55
- NASDAQ (NASDAQ:COMP): 12,131.13
- U.S. Dollar (ICE:DX): 105.00
- Gold (NYMEX:GC.Q22): 1,866.90
- Crude Oil (NYMEX:CL.N22): 110.27
- Bitcoin (BITCOIN:BITSTAMPUSD): 34,930.74